Agro-forestry and fishery sector posts 49% increase in trade surplus

The agricultural, forestry and fishery sector enjoyed nearly US$2.9 billion in trade surplus in the first quarter of 2020, up 48.9% over the same period last year.

According to the Ministry of Agriculture and Rural Development (MARD), the sector reported total export revenue of US$9.06 billion in the three-month period, equivalent to the same period last year and total import revenue of approximately US$6.2 billion, a year-on-year decrease of 13.2%.

In March alone, the export revenue of the sector reached US$3.5 billion, up 16.2% compared to February.

During the January-March period, almost all items saw declining export revenue except for rice, cassava, wood and wood products, and rattan products.

Due to the impact of the COVID-19 pandemic, the export of agricultural, forestry and fishery products to Vietnam’s key markets has witnessed numerical changes.

The US market holds the largest export market share with revenue of US$2.1 billion, up 18%, accounting for 23.2% of the Vietnam’s total export revenue. It was followed by China with an export turnover of US$1.9 billion, down 19.4% over the same period last year and making up 21.4% of Vietnam’s total export revenue.

The MARD said that it will work out plans to promote the export of agricultural products to China to meet increasing demand when the pandemic ends in the country.